NEW DELHI: Infy and TCS results took everyone by surprise but none were as shocked as mutual fund managers. Mutual funds had dumped 27.4 lakh shares of Infosys in December, just weeks before the software major shocked the Street with better than expected results and zoomed by over 20%. Mutual funds also sold 4.7 lakh shares of TCS last month.

Infosys is the second biggest holding of mutual funds, with some 290 schemes holding 2.8 crore shares worth almost Rs 7,480 crore. TCS is at tenth place, with 2.15 crore shares worth Rs 2,900 crore held by 236 schemes.

While the jump in Infosys and TCS has pushed up the NAVs of equity funds, the tech funds have been the biggest gainers. The average tech fund has risen 9.04% in the past 10 days since Infosys declared its results. SBI IT Fund, which has 38.6% invested in Infosys and 22.13% in TCS, shot up 10.82%. Franklin Templeton Infotech (40.5% in Infosys and 30.6% in TCS) also rose smartly by 9.95%. Even the worst performer in the category, ICICI Prudential Tech Fund, rose by 7%. It has 25.19% of its corpus in Infosys and doesn't hold any TCS shares.